What is Binance Coin? | Binance Chain | BNB Coin | Binance Exchange
What is Binance Coin? | Binance Chain | BNB Coin | Binance Exchange
Let’s learn about Binance Coin, Binance Chain, and Binance Exchange the crypto asset associated with the Binance exchange and ecosystem. Binance Coin, or BNB, was created by Binance back in 2017.
It was first issued during an Initial Coin Offering crowdfunding event that occurred during that summer. During the ICO, it offered 10%, or 20 million, BNB tokens to angel investors, 40%, or 80 million, tokens to the founding team, and the remaining 50%, or 100 million, to the various participants through the ICO process.
Almost half the funds raised during the ICO process were reserved for Binance branding and marketing, and approximately one-third were used to build the Binance platform and perform necessary upgrades to the Binance ecosystem. Binance Coin started as a token on the Ethereum Blockchain but then migrated to its own chain called Binance Chain. On that new chain, tokens can be created, similar to how tokens can be created on the Ethereum Blockchain. Binance Coin has multiple use cases, but within the Binance Exchange ecosystem, it is used as a utility token that allows users to receive discounts when paying for their trading fees.
Binance Coin can also be used to pay for travel expenses such as bookings for flights and hotels, buy virtual gifts, shop using a credit card, fuel transactions involving tokens running on Binance Chain, and much more. Follow us and subscribe to discover more Blockchain-related projects and businesses, join the conversations on the Market Square Discord server, and get your free account at Market Square.io.See you next time!
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